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Topic: Bergen, Passaic companies get state
tax breaks for keeping jobs in N.J. |
Bergen, Passaic companies get state
tax breaks for keeping jobs in N.J.
The Record [Hackensack, NJ], by Juliet Fletcher
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Original Article
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Posted By:Ribicon, 10/9/2012 9:06:56 PM
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| The state Economic Development Authority approved tax breaks for two Bergen County companies and one in Passaic County Tuesday in action aimed at keeping jobs in New Jersey. Acupak Packaging Inc., which makes single-use medical products, was awarded a $112,500 tax incentive to retain 50 jobs at its Ramapo Valley Road site in Mahwah. The company also would create five new jobs there. But the two other businesses signaled they were seriously considering leaving their current sites in North Jersey, while seeking incentives to stay within the state rather than move to neighboring states. Home Dynamix, a rug and tile
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Comments:
Another edge of the "economic business incentives" sword; areas are vulnerable to additional shakedowns, perhaps especially in high-tax states that are already seeing an exodus of employers.
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Reply 1 - Posted by:
Trigger2, 10/10/2012 7:39:46 AM (No. 8922313)
I can understand (somewhat) giving businesses tax breaks to stay in a state, but I am outraged at these developers who come in and build rental houses and they get 100% tax breaks for 10 years; 75% for the next 4; 50% for the next 4; then 25% for the last 2. Then the developer sells the rental housing to another person who applies for the same tax abatement. Where's MY deal if I build a new house? I just get socked with more taxes to make up the losses politicans hand out to developers at taxpayer expense.
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